AgdaPkt 2017-01-23 Closed and Joint

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This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted prior to the time the Official Statement is delivered in final form. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. PRELIMINARY OFFICIAL STATEMENT DATED JANUARY 27, 2017 NEW ISSUE—FULL BOOK ENTRY RATINGS: Moody’s: “___” S&P: “___” (See “RATINGS” herein) In the opinion of Jones Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel, subject, however to certain qualifications described herein, under existing law, the interest on the Bonds is excluded from gross income for federal income tax purposes and such interest is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations, although for the purpose of computing the alternative minimum tax imposed on certain corporations, such interest is taken into account in determining certain income and earnings. In the further opinion of Bond Counsel, such interest is exempt from California personal income taxes. See “TAX MATTERS” herein. $__________* City of Redwood City Public Financing Authority (San Mateo County, California) Water Revenue Refunding Bonds, Series 2017 Dated: Date of Delivery Due: February 1, as shown on the inside front cover The $___________* City of Redwood City Public Financing Authority Water Revenue Refunding Bonds, Series 2017 (the “Bonds”), will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository of the Bonds. Individual purchases of Bonds will be made in book-entry form only, in denominations of $5,000 or any integral multiple thereof. Purchasers of Bonds will not receive certificates representing their interest in the Bonds purchased but will receive a credit balance in the records of DTC. Principal of and interest on the Bonds are payable directly to DTC by U.S. Bank National Association, San Francisco, California, as trustee (the “Trustee”). Principal is payable on the dates set forth below. Interest is payable semiannually on each February 1 and August 1, commencing August 1, 2017. Upon receipt of payments of principal of, premium, if any, and interest on the Bonds, DTC is obligated in turn to remit such principal, premium, if any, and interest to the DTC Participants (as defined herein) for subsequent disbursement to purchasers of the Bonds, as described herein. The Bonds are being issued to (a) refund, on a current basis, the Authority’s outstanding City of Redwood City Public Financing Authority Water Revenue Bonds, Series 2007A, and (b) pay the costs of issuance of the Bonds. See “REFUNDING PLAN” herein. A reserve fund will not be funded for the Bonds. The Bonds are special obligations of the City of Redwood City Public Financing Authority (the “Authority”) payable from the revenues pledged under the Indenture of Trust, dated as of March 1, 2017, by and between the Authority and the Trustee, consisting primarily of installment payments (the “2017 Installment Payments”) to be made by the City of Redwood City (the “City”) under an installment purchase contract, dated as of March 1, 2017, by and between the Authority and the City (the “2017 Installment Purchase Contract”). The 2017 Installment Payments are secured by a pledge of and lien on the net revenues (the “Net Revenues”) of the City’s municipal water enterprise (the “Enterprise”). The City’s pledge of Net Revenues under the 2017 Installment Purchase Contract is on a parity basis with a similar pledge under an installment purchase contract by and between the Authority and the City (the “2013 Installment Purchase Contract”), under which the City makes installment payments that secure the Water Refunding Revenue Bonds, Series 2013, and under an installment purchase contract by and between the Authority and the City (the “2015 Installment Purchase Contract”), under which the City makes installment payments that secure the Authority’s Water Refunding Revenue Bonds, Series 2015. Net Revenues may also be pledged to additional parity obligations hereafter issued or incurred by the City (the “Parity Obligations”). The City has covenanted under the 2017 Installment Purchase Contract to fix, prescribe and collect such charges in connection with the services and facilities of the Enterprise which will produce gross revenues sufficient in each Fiscal Year to provide Net Revenues equal to at least 1.20 times the aggregate of obligations of the City in such fiscal year with respect to the 2017 Installment Purchase Contract, the 2015 Installment Purchase Contract, the 2013 Installment Sale Agreement and any Parity Obligations hereafter issued or incurred by the City. The Bonds are subject to redemption prior to maturity. See “THE BONDS-—Redemption” herein. Neither the Bonds nor the obligation of the City to make 2017 Installment Payments constitutes an obligation of the City or the Authority for which the City is obligated to levy or pledge any form of taxation or for which the City has levied or pledged any form of taxation. The Authority has no taxing power. Neither the Bonds nor the obligation of the City to make 2017 Installment Payments under the 2017 Installment Purchase Contract constitutes a debt of the City, the County of San Mateo, the State of California or any of its political subdivisions within the meaning of any constitutional or statutory debt limitation or restriction. MATURITY SCHEDULE SEE THE INSIDE FRONT COVER Bids for the purchase of the Bonds will be received by the Authority on Tuesday, February 14, 2017, electronically only, through the I-Deal LLC BiDCOMP/PARITY® system, until 8:30 A.M., Pacific Standard time. The Bonds will be sold pursuant to the terms of sale set forth in the Official Notice of Sale, dated January 27, 2017. This cover page contains information for general reference only. It is not a summary of this issue. Potential purchasers of the Bonds are advised to read the entire Official Statement to obtain information essential to making an informed investment decision. The Bonds will be offered when, as and if issued and received by the Underwriter subject to the approval of legality by Jones Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel. Certain legal matters will be passed upon for the Authority and the City by Quint & Thimmig LLP, Larkspur, California, Disclosure Counsel, and by Veronica Ramirez, Esq., the City Attorney. It is expected that the Bonds, in book- entry form, will be available for delivery through the facilities of DTC on or about March 1, 2017. Dated: March __, 2017 *Preliminary, subject to change. 8.C. - Page 20